Moody Aldrich Partners LLC Buys New Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Moody Aldrich Partners LLC purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 19,257 shares of the industrial products company's stock, valued at approximately $4,339,000. Moody Aldrich Partners LLC owned about 0.05% of Applied Industrial Technologies as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AIT. Invesco Ltd. lifted its holdings in Applied Industrial Technologies by 7.2% during the fourth quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company's stock worth $304,452,000 after acquiring an additional 85,270 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Applied Industrial Technologies by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company's stock valued at $254,182,000 after purchasing an additional 20,842 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Applied Industrial Technologies by 0.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock valued at $136,803,000 after purchasing an additional 1,958 shares in the last quarter. Norges Bank bought a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $129,690,000. Finally, Northern Trust Corp lifted its holdings in shares of Applied Industrial Technologies by 12.5% in the fourth quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company's stock valued at $122,315,000 after purchasing an additional 56,732 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Price Performance

Shares of AIT traded down $1.63 during trading hours on Monday, reaching $244.11. The stock had a trading volume of 312,371 shares, compared to its average volume of 346,643. Applied Industrial Technologies, Inc. has a 12 month low of $182.21 and a 12 month high of $282.98. The stock has a market capitalization of $9.30 billion, a PE ratio of 24.51, a PEG ratio of 2.98 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.51 and a current ratio of 3.57. The company's 50-day moving average is $230.22 and its two-hundred day moving average is $237.24.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the prior year, the company earned $2.48 EPS. Applied Industrial Technologies's revenue was up 1.8% compared to the same quarter last year. Research analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's payout ratio is 18.47%.

Applied Industrial Technologies declared that its Board of Directors has initiated a share buyback program on Thursday, May 1st that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several analysts recently issued reports on AIT shares. Raymond James Financial reiterated an "outperform" rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Loop Capital decreased their target price on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Finally, KeyCorp reduced their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Industrial Technologies currently has an average rating of "Buy" and an average target price of $285.00.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.